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How much was the partnership profit before Billy salary

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Question - Billy and Sheehan are partners in bass co. their partnership agreement states that Billy is entitled to an annual salary of 100000 and a bonus of 10% of profit after salary but before bonus. The remainder is shared in the ratio of 7:2. Sheehan's share in partnership profit for the year was 296000. How much was the partnership profit before Billy's salary and bonus?

a. 1,580,000

b. 1,672,342

c. 1,751,348

d. 1,420,000

Reference no: EM133031869

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